“If you look at the charts starting in mid-March, we’re in nosebleed territory right now,” he said Thursday. “That’s not to say I’m not still bullish, but there is some caution at the levels we’re at now.”

“I still think it’s going to shake out at the end of the day,” he said. “People are going to look at corporate profits which are now at a very slow-growth phase, coming up this year at about 5%. People are going to look at GDP growth decelerating, at housing and the ramifications of significantly tightening credit. They’re going to look at the absence of cash in mutual funds for availability to deploy into assets. There’s a lot on the plate and it’s not going to be overlooked forever simply (because of) this bath of private equity.”